Credit and Loans

What term describes any arrangement where you get "stuff" (money, goods, services), and agree to pay for it in the future.

• Credit

• Loan

• Principal

• Collateral

What term describes something valuable that the lender can take as payment if you can't pay back your loan (like a house or car).

• Collateral

• Credit

• Loan

• Cash Advance

What term describes the paying off of debt with a fixed repayment schedule in regular installments over a period of time.

• Default

• Cash Advance

• Amortization

• Loan

What term describes the amount you borrow.

• Term

• Principal

• Loan

• Credit

Do you think going into debt to pay for a vacation is a good idea? Answer yes or no.

• Yes

• No

Which option is more difficult to get: a credit card or a card limit increase?

• a credit card

• a card limit increase

Was it easier or harder to get a mortgage in 2016 compared to 2019?

• harder in 2016

• easier in 2016

Which loan type had the most variability in their rejection rates from 2016 to 2019?

• Auto Loan

• Mortgage

• Credit Card

• Credit Limit

What type of loans have the lowest rejection rates among these credit types?

• Auto Loan

• Mortgage

• Credit Card

• Credit Limit

You read a headline “Since 2016, Consumers Have Had a Much Easier Time Getting Loans of All Types”. Do you agree or disagree with this headline using the data above?

• Agree

• Disagree